PUBLISHER: Grand View Research | PRODUCT CODE: 1376077
PUBLISHER: Grand View Research | PRODUCT CODE: 1376077
The global video management system market size is anticipated to reach USD 51.68 billion by 2030, according to a new report by Grand View Research, Inc.. The market is projected to grow at a CAGR of 20.3% from 2023 to 2030. The security and surveillance industry is undergoing significant transformation, with a clear shift towards increased dependence on technological advancements. Moreover, key drivers such as the rising trend of urbanization, industrialization, and a heightened awareness among organizations regarding compliance with payment services regulations and standards exert significant influence on the market. Furthermore, the market is poised for growth, fueled by expanding government support for advanced technology and solutions and the rising per capita income, which is expected to propel the market's growth rate.
The market is experiencing dynamic growth, primarily fueled by its IoT and AI technologies integration. Growing security threats and the need to protect assets, people, and critical infrastructure have led organizations to adopt more robust video surveillance systems. VMS solutions integrated with IoT and AI offer enhanced security features, such as real-time threat detection and immediate alerts. Furthermore, the rapid pace of urbanization and industrialization is driving the need for comprehensive surveillance solutions. VMS are used for security and monitoring traffic, managing public spaces, and enhancing operational efficiency in smart cities and industrial complexes.
Increasing awareness among organizations about the importance of complying with regulations and standards related to payment services and data protection has led to adopting more advanced VMS solutions. These systems help organizations maintain compliance and ensure data privacy. Many governments worldwide promote adopting technology and surveillance solutions to enhance public safety and infrastructure management. This support includes funding and incentives for the implementation of advanced VMS systems. For instance, in September 2023, Eagle Eye Networks, Inc., a prominent player in the global cloud video surveillance industry, unveiled the third iteration of its Eagle Eye Video API Platform. Eagle Eye resellers, developers, and technology partners widely employ this upgraded API platform globally. Features of the new API include its comprehensiveness, designed to streamline developers' implementation of video applications.